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Capital Calls: Fund services M&A, Mattress mystery

6 Dec 2021

Concise views on global finance: Shareholders of Amsterdam-listed Intertrust dodge a regulatory crackdown with a 1.8 bln euro sale; the western man credited with Chinese retailer DeRucci’s success finally has his identity revealed.

Alibaba’s new CFO signals shifting priorities

6 Dec 2021

The Chinese e-commerce company, whose market value has halved to $300 bln this year, is replacing finance chief Maggie Wu. During her seven-year tenure, Alibaba successfully courted foreign investors. Successor Toby Xu’s experience suggests there will be a greater focus at home.

Women’s Tennis models real China ESG

2 Dec 2021

The association is halting lucrative tournaments in the country after local star Peng Shuai went missing following sexual assault claims. Western companies generally exempt China from espoused social values. The weak track record makes it hard to see many following the WTA lead.

Capital Calls: Volkswagen, Turkey

1 Dec 2021

Concise views on global finance: The German carmaker may take mining stakes to secure electric-vehicle raw materials, echoing Henry Ford, the U.S. production-line pioneer; the Turkish central bank is resorting to old tricks to prop up the lira but it’s an unsustainable strategy.

China property bond rejig is destined to fail

30 Nov 2021

Developer Kaisa wants holders of $400 mln in notes to extend for 18 months. They’d get no real sweetener and would be pushed behind $3.6 bln of other maturing debt. Boss Kwok Ying-shing went through a $2 bln restructuring in 2015. Now he seems on course for a $12 bln repeat.

Jack Dorsey leaves one company, helps out two

29 Nov 2021

Twitter is better off without its co-founder, who was also busy being CEO of fintech firm Square. The $38 bln social network hasn’t set a clear strategic direction, unlike rival Facebook. Square, meanwhile, could use the extra attention as it faces a growing crowd of rivals.

Capital Calls: Software AG logs onto buyout boom

26 Nov 2021

Concise views on global finance: A subdued valuation and eager bidders increase the 3 billion euro German company’s chances of a possible sale.

Succession mess turns Orange into governance lemon

25 Nov 2021

The $30 bln French phone firm is seeking a new chairman and CEO after incumbent Stéphane Richard received a criminal conviction. A previous trial in 2019 should have prodded the board to line up a replacement. Splitting the top jobs is a first step to smoother future transitions.

Disney’s empty chair is a succession stumble

19 Nov 2021

There’s still no official replacement for Bob Iger, who’s expected to exit at the end of the year. Other companies, from Mastercard to AT&T, named a new chairperson faster and more transparently. With a new CEO in charge, a switched-on board is all the more important.

Activision may become vulnerable to a takeover

17 Nov 2021

A new scandal about sexual assault allegations is hurting the $50 billion gaming company’s already-battered share price. As the problems pile up, the chances are growing that an activist will pop up to agitate for a sale. A deal might make sense for Netflix.

Cox: Whiff of Donald Trump redux hangs over COP26

9 Nov 2021

The former U.S. president isn’t in Glasgow, but as nations sign up to long-term green commitments many wonder if he’ll boomerang back to the White House in 2024. The hope is that things will be too far along to unwind should he return. That lends urgency to the deliberations.

America’s swing senator can save or scorch planet

8 Nov 2021

Joe Manchin effectively controls the fate of global climate policy as a centrist Democrat in a split Senate. He rejected a clean electricity plan; green tax credits may be next. President Joe Biden’s influence over other nations rests on where the coal-state lawmaker comes down.

Mark Carney is key-man risk for bank net-zero club

3 Nov 2021

Finance firms with $130 trln of assets are pledging green targets thanks to the former BoE governor’s arm twisting. That’s good, but Carney’s job is only half-done while JPMorgan and co decide detailed goals. Were he to head off to run Canada, the momentum might get lost.

Jes Staley strengthens Barclays by leaving

1 Nov 2021

The American is exiting the UK bank after a regulatory probe into his relationship with sex offender Jeffrey Epstein. His six years as CEO brought better results but repeated questions over his judgment. New boss C.S. Venkatakrishnan will target the same strategy with less drama.

India Insight: Climate fight goes way beyond coal

26 Oct 2021

A green agenda supports Narendra Modi’s goal to boost the nation’s self-sufficiency. India’s tycoons aim to develop and export the cheapest, solar-generated hydrogen. Private capital will help renewables power economic growth, but coal and net zero are the elephants in the room.

Mark Zuckerberg’s dive into metaverse misses mark

26 Oct 2021

Alongside quarterly results, Facebook said it would start reporting more financial details on its virtual reality initiatives and beyond. Any extra clarity is welcome, but the structural changes sidestep all-important Instagram. It’s a bad time to be hiding behind the headset.

Lockdown scars will linger Down Under

22 Oct 2021

With a 70% vaccination rate, Melbourne is ending its record run of strictly confining a fifth of Australia’s population. A burst of consumer spending should help the economy bounce back. The tab for mental health strains, closed borders and related issues keeps growing, however.

Richard Li’s family baggage weighs on insurer IPO

11 Oct 2021

The Hong Kong tycoon is putting a limit on how long he can keep the supervoting stock he’ll get in the $2 bln float of Asia-focused FWD. But it can be extended while his nearest and dearest can for a time inherit the rights. That erodes the value of such sunset clauses.

India Insight: Silicon Valley-style success bites

11 Oct 2021

The South Asian giant is now home to herds of unicorns. Meanwhile, established beasts like Tata Consultancy and Infosys are in high demand to assist the global race online. It’s making tech talent hard to find and may even prompt the world’s outsourcing hub to outsource.

Review: PepsiCo CEO memoir leaves work unfinished

8 Oct 2021

In “My Life in Full”, former boss Indra Nooyi describes fending off activists and making big acquisitions at the soda giant. She traces her path from southern India to hobnobbing with world leaders with humility. Her vision of an ethical consumer group looks far off, though.